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Glencore Ships Biggest Ever U.K. Grain Cargo as Pound Tumbles

The biggest ever shipment of British feed wheat is another sign that the country’s grain exporters are benefiting from a weaker pound. The U.K. grain unit of Glencore Plc is loading 70,000 metric tons of feed wheat at the Port of Immingham in northeast England, it said in a statement Thursday. Trade Prosperity, the vessel carrying the cargo, is due to sail to Vietnam in early July. It’s rare for large shipments at this time of year because supply is usually tight before harvesting starts in July, said James Maw, managing director at Glencore Grain U.K. But British wheat used to feed livestock has become more competitive globally against high-priced corn -- especially as the pound slid in the run up to the U.K.’s vote on leaving the European Union -- and last season’s bumper crop has left plenty of grain still available to ship. “U.K. feed wheat is still maintaining a competitive edge in the world feed-grain market,” Maw said by phone. “Sterling has helped, and U.K. wheat is competitively priced vis-a-vis corn.” http://www.agweb.com/article/glencore-ships-biggest-ever-uk-grain-cargo-as-pound-tumbles-blmg/